Borden Buys Corning Division for $603 Million

Published
4:00 am PST, Tuesday, March 3, 1998

1998-03-03 04:00:00 PDT New York -- Corning Inc. said yesterday that it has agreed to sell its consumer-housewares business to Borden Inc. for $603 million -- relinquishing its leading Corning Ware, Revere Ware and Pyrex brands -- after two failed attempts to sell it at much higher prices.

Corning, which first had said it would sell the unit last May, will get $583 million in cash and retain an 8 percent stake in the consumer-housewares business, which had sales of $575 million in 1997. Peter Campanella will remain as president and chief executive of the unit.